Character Development
Feed Forward: A Powerful Tool for Personal Behavior Change
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Do you ever feel stuck in a behavior you want to change but can’t progress? It’s easy to get frustrated when trying to change habits; I use a tool that might be useful to you: feed-forward.
Feed-forward is using feedback from past experiences to change future behavior positively. In short, it helps you focus on steps you can take moving forward rather than dwelling on past mistakes; feed-forward empowers you to improve and progress toward your desired outcomes continuously.
Here are five steps to implement feed-forward in your behavior change journey:
- Pick a Behavior You Want to Change – The first step is to identify and put a pure definition to the behavior you want to change. This could be anything from exercising to eating healthier or being more organized. Once you have identified your desired behavior change, please write it down and commit to making progress. There is something powerful about putting pen to paper when setting intentions.
- Tell Someone, Anyone – Sharing your intention with someone else can help keep you accountable and support you when needed. It could be a friend, family member, or even a coworker. Tell them what behavior you want to change and why it’s important.
- Ask Them for Two Suggestions – Ask your confidant for two specific suggestions on progressing towards your goal. Be open-minded and receptive to their feedback. No one person has cornered the market on ideas, so ask broadly.
- Listen & Take Notes -Listen carefully to their suggestions, and write them down. It’s essential to be receptive to feedback and not take it as criticism. Instead, view it as an opportunity to learn and grow. If you need clarification or more information, ask them to elaborate.
- Take Action – Now is the time to take action. Start small, and gradually build on your progress. Remember to focus on what you can do moving forward rather than dwelling on the past. Celebrate your successes, and be patient with yourself.
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Multifamily: Free Agents
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In his book “The Free Agent Nation,” Dan Pink coined the term “Free Agent Nation” to describe a growing trend of workers who embrace self-employment and independence rather than traditional full-time employment. The concept of Free Agent Nation has gained significant attention in recent years, particularly with the rise of the gig economy and the increasing number of people who work for themselves.
According to Pink, Free Agent Nation is a cultural and economic shift from the traditional employer-employee relationship. It is a movement towards a more fluid, flexible, and entrepreneurial approach to work, where individuals take control of their careers, often by building their businesses or working as freelancers.
One of the key drivers of the Free Agent Nation phenomenon is the desire for greater autonomy and control over one’s work life. Many people today are disillusioned with the constraints of traditional employment, including rigid schedules, limited opportunities for advancement, and the feeling of being undervalued or unappreciated by their employers. COVID-19 accelerated the pace. By becoming free agents, they can set their schedules, pursue work that aligns with their passions and interests, and take ownership of their success.
Another factor contributing to the growth of Free Agent Nation is the rise of technology and digital platforms that make it easier than ever to work independently. Online marketplaces like Upwork, Fiverr, and Etsy have opened up new opportunities for freelancers and small business owners to connect with customers and clients worldwide. Social media and other digital marketing tools have also made it easier for individuals to build their brands and reach a wider audience.
Overall, Free Agent Nation represents a significant shift in how we think about work and careers. Whether it is a positive or negative trend depends on how it is managed and regulated in the years to come. But one thing is clear: the era of traditional employment is giving way to a new model of work that is more flexible, entrepreneurial, and driven by individual initiative.
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Loss Aversion
Loss aversion is a psychological concept that refers to the tendency to prefer avoiding losses over acquiring gains. It’s the idea that the pain of losing something is greater than the pleasure of gaining something of equal value. This bias has been widely researched in the field of behavioral economics and has been shown to have a significant impact on our decision-making processes.
The origin of loss aversion can be traced back to evolutionary psychology, where it is believed to have developed as a survival mechanism. In prehistoric times, losing resources such as food or shelter could have had dire consequences, and thus, it became advantageous for our ancestors to have a strong loss aversion. Today, this tendency remains deeply ingrained in our psychology, and it continues to shape our decisions in numerous ways.
One of the most famous examples of loss aversion is the endowment effect. The endowment effect is the phenomenon where people place a higher value on goods they already own than those they don’t own. For example, a person may be willing to pay more for a coffee mug they already own than they would be willing to pay for the same mug if they didn’t already own it. This is because the mere act of ownership creates a sense of loss aversion, and the thought of losing the mug becomes more painful than the thought of gaining its equivalent value in money.
Loss aversion also affects our investment decisions. Investors are often more likely to hold onto losing investments in the hope that they will eventually recover their losses, even if this means missing out on opportunities to invest in more profitable options. This is known as the sunk cost fallacy, a direct result of loss aversion.
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Prospect Theory
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Decision-making is essential to our lives, but it is not always straightforward. Psychological and emotional factors often influence our choices, leading us to deviate from what is considered rational and logical. Prospect theory is a behavioral economic theory that explains how people make decisions when faced with uncertainty or risk.
Prospect theory was introduced by Nobel Prize-winning psychologists Daniel Kahneman and Amos Tversky in 1979. It suggests that our decisions are not always driven by logic and that we often make inconsistent choices with classical economic theory. The theory states that people’s preferences are unstable and that their choices depend on how the problem is framed.
One of the key insights of prospect theory is that people value potential losses differently from potential gains. In other words, people are more sensitive to losses than equivalent gains. This phenomenon is known as loss aversion, a central idea in prospect theory. For example, people would rather avoid a loss of $100 than make a gain of $100. This means the pain of losing $100 is greater than the pleasure of gaining $100. I must admit, I have difficulty wrapping my head around this.
Another important aspect of prospect theory is that it considers the framing effect. The framing effect refers to the way in which a problem is presented that affects the decision-making process. For example, if a person is presented with two options, one framed as a loss and the other as a gain, they are more likely to choose the option framed as a gain, even if both options lead to the same outcome.
Prospect theory also suggests that people tend to be overconfident in their decisions. This means they often overestimate the likelihood of positive outcomes and underestimate the likelihood of negative outcomes. This can lead to poor decision-making and result in suboptimal outcomes.
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The Bedfellows of Accountability
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Accountability, responsibility, and authority are interrelated concepts crucial in organizational management and individual performance. They are essential elements that contribute to the overall success of an organization, and their effective implementation is crucial for creating an environment of trust, transparency, and fairness.
Accountability refers to the expectation that individuals or organizations will account for their actions and decisions. It means that they are answerable to someone for their performance and the outcomes of their decisions. When held accountable, individuals are expected to demonstrate a sense of ownership over their work and take responsibility for their actions.
Responsibility, on the other hand, refers to the obligation of an individual or organization to take action and make decisions that are in line with their targets and outcomes. Responsibility requires individuals to take charge of their actions and make decisions contribute to the organization’s success. It means being dependable, reliable, and trustworthy and making decisions in the organization’s best interest.
On the other hand, authority refers to the power and control an individual or organization holds to make decisions and take action. Authority gives individuals the power to enforce their decisions and to ensure that their decisions are carried out. Authority is essential to accountability and responsibility because it enables individuals to make decisions that align with their goals and objectives.
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